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The Oscars ceremony will commence airing only on YouTube in 2029, representing the most recent major change in the film industry.

The organization behind the Oscars declared the decision on Wednesday, indicating that it entered into a multi-year deal granting YouTube the unique international license to the Oscars through 2033.

The awards show, which is planned for March 15th, has aired for a half a century on the traditional network. Commencing in 2029, the event will be viewable live and for free on YouTube.

This is a further significant restructuring in Hollywood, which is grappling with studio sales and mergers, along with drastic slashes to movie budgets.

"Our Academy represents an worldwide body, and this alliance will enable us to broaden reach to the work of the Academy to the largest worldwide audience possible - which will be positive for our membership and the cinematic world," remarked Academy leadership in a release.

Over decades, ratings of the ceremony have fallen, even if there was a slight uptick in recent years, with a significant number of Gen Z and millennial watchers tuning in from cell phones and computers.

In a related comment, the head of YouTube referred to the Oscars "a key essential pillars of culture" and noted that working with the Academy would "spark a younger cohort of innovation and movie fans while staying true to the Oscars' illustrious legacy".

ABC, which has streamed the ceremony since 1976, stated that it was eagerly anticipating "to the upcoming broadcasts" it will retain rights for.

This shift follows large entertainment companies confront complex corporate battles. These potential deals were seen as concerning for an industry that has experienced severe reductions over the recent period.

Like major studios, traditional TV channels have faced issues as the public has shifted towards digital platforms instead.

YouTube obtaining the license to the Oscars clearly signals that dependence on online services will persist expanding.